I cannot tell you the number of people who have asked me this question over the last couple of years. The answers are as varied as the people asking, because people buy for different reasons. If you are looking to flip a home today, probably this is not the market for you. If you are looking for a retreat for your family for the forseeable future and you are not planning to try to sell for the next year or two, this may be the market for you.
I know a lot of people think that there is nothing selling in the market, but that is simply not true, I would think about it like a river, near the banks where the water is floating lazily along, there is not much activity, there are some sellers who are not realistic, expecting too much for their properties and buyers who are not realistic, expecting the home that they buy to sell for 50% of asking price. However, if you go out into the middle of the river, you will find Buyers and Sellers who are making deals happen, Sellers who are pricing their homes aggressively and selling their homes at or near asking price very quickly and Buyers who are recognizing that the prices are accurate for todays market and buying. The market has been putting almost a home in escrow a day over the last couple of weeks, so there are other buyers out there, if you feel this is the right time for you.